-LRB- CNN -RRB- -- We 've seen this dynamic before : A mundane and wonky issue that many have never heard of suddenly elevates to national prominence . Remember the debt ceiling and that it was mostly an unknown quantity five years ago ?

This time it 's renewing the authority of this thing called the Export-Import Bank to do business .

The obscure independent agency provides loan guarantees to foreign companies struggling to secure financing to purchase goods from American manufacturers .

But much of its financing goes to aircraft manufacturing giant Boeing and costs taxpayers about $ 200 million per year , which critics contend wastes money and skews private markets .

The agency 's authority to make loans expires September 30 and Congress is now tasked with deciding once again whether to renew it .

Is this government agency worth saving ?

But it also is the latest battle emerging within the Republican Party , once again pitting the establishment against the tea party .

Michael Needham , CEO of Heritage Action , the political arm of a similarly named conservative think tank and leading opponent , said the Ex-Im Bank is , `` the purist form of corporate cronyism that exists in Washington , D.C. ''

On the other side of the debate is Christopher Wenk , senior director for international policy at the U.S. Chamber of Commerce , which represents business interests in the capital .

Wenk said the bank 's demise would cost 200,000 jobs and that the chamber 's members nationwide are `` scratching their heads about why this is such a big deal in Washington . ''

The agency has been in place for nearly 80 years . Congress reauthorized it in 2012 , passing overwhelmingly despite some noisy Republican opposition . There was no Republican pushback to its previous reauthorization .

Why the controversy now ?

With the rise of the tea party in 2010 and the resulting influx of lawmakers fiercely opposed to more government spending , the issue had the means to gain some traction .

Needham said his organization devoted time and resources to lobby against and were `` excited '' to see 93 House members and 20 senators oppose it the last time around .

Heritage and other conservative groups , including Club for Growth , FreedomWorks and Americans for Prosperity , have now had two years to gin up a coalition and pressure Congress .

In addition , Rep. Jeb Hensarling of Texas , a fierce opponent of the bank , was elected to lead the committee that oversees it , helping to raise the profile of opponents .

The bank has long had critics , but nothing has risen to the level where Congress might try to shut it down .

The bank has been involved in numerous lawsuits , including by Delta Air Lines and related groups who contend its lending practices boost foreign competitors through aircraft sales . Delta flies worldwide . Environmental groups have also launched court challenges , opposing the bank 's heavy backing of fossil fuels .

In a campaign address about cutting government waste , candidate Barack Obama called the Ex-Im Bank `` corporate welfare . ''

In the 1980s , William H. Becker and William M. McClenahan wrote in their book `` The Market , the State and the Export-Import Bank '' that President Ronald Reagan was `` initially unsympathetic '' as opposition from the left and the right rose .

But neither Reagan nor Obama tried to dissolve it . Obama now supports it and asked Congress to raise its borrowing cap and extend its authority for five years .

The politics

It 's also an election year and the issue was elevated last week because the newly elected House Majority Leader Kevin McCarthy , flipped his position and came out in opposition , emboldening the more conservative wing of the party .

No. 2 Republican hates Export-Import bank

His shift comes after his predecessor , Ex-Im Bank supporter and outgoing majority leader , Eric Cantor , lost his primary to Dave Brat , who campaigned against corporate welfare .

While the Chamber of Commerce and tea party-linked groups have been battling it out in Republican primaries , this issue is adding to the feud .

`` Some see it as a prime opportunity to make a political statement , '' Wenk said . `` That 's ' one of my biggest beefs right now . ''

Neither Heritage nor the Chamber of Commerce would discuss their political strategy , but both said that using this issue in campaigns is very likely .

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The Export-Import Bank is up for reauthorization

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Conservatives oppose the 80-year-old institution

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Supporters say its demise would cost U.S. jobs

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It 's the latest battle between establishment and tea party-aligned Republicans